ATTENTION 1031 EXCHANGE BUYERS, INVESTORS, DEVELOPERS, & DESIGN ENTHUSIASTS: This is not just a beach lot--it is an active, cash-flowing asset with massive structural equity and huge development upside. Located less than 400 feet from the sand in Panama City Beach proper (Miramar Heights) with protected, elevated Gulf views, this rare 0.24-acre double lot offers an immediate return on investment alongside future development flexibility. THE CASH FLOW & INVESTMENT: o Turnkey Revenue: Proven 4-year rental history averaging $3,425/month in gross income. o Immediate Income: Current reliable tenants are already in place, making this an ideal, seamless vehicle for 1031 exchange placement from day one. o The Layout: Set up as a highly functional, income-producing configuration featuring a 2BR/1BA main home plus a completely separate, private-entrance studio apartment with its own kitchen and full bath. THE ARCHITECTURAL VALUE: Forget cookie-cutter beach builds. The existing structure is a rare, mid-century modernist jewel built in the classic California Eichler style. It features stunning original terrazzo floors, striking tongue-and-groove cathedral wood ceilings, and timeless stucco construction. A preservationist's dream beach retreat or a luxury hybrid rental space with unparalleled character. THE DEVELOPER / ASSEMBLAGE OPPORTUNITY: Zoned R-1c and situated entirely in a preferred Flood Zone X (no flood insurance required by Lender!). Because the structure sits on an oversized double lot, there is an opportunity to be subdivided into two premium buildable lots with Gulf views. Crucially, this property is surrounded on all sides by vacant lots, creating a rare and highly lucrative potential assemblage play for an investor looking to capture a massive, continuous footprint on the quiet west end of PCB. Whether you choose to collect the steady $3,400+/month check, restore a mid-century modernist masterpiece with a resort-style pool yard, or leverage the surrounding vacant parcels for a major development play, the ceiling on this property is incredibly high. Sold as-is. Do not disturb tenants. Buyers to verify all dimensions and zoning specs.